The accountant for Lee Company made the following errors related to merchandise inventory in 2016: 

1. The beginning inventory for 2016 was overstated by $750 due to an error in the physical count. 

2. A $1,300 purchase of merchandise on credit was not recorded and was not included in the ending inventory. Assuming a periodic inventory system, Lee Company's 2016 cost of goods sold will be

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Answer Cost of Goods sold Over Stated by 750 overstated by 750 Be... View the full answer